GoatVest Auction Rules v1.1
These rules apply to all primary and secondary auction listings on the GoatVest Platform.
1. Listing Requirements
1.1 Only GoatVest-approved animals with an approved pedigree profile may be listed for GMA auction.
1.2 Farm Partners may list Pay & Carry animals subject to eligibility as determined by GoatVest.
1.3 Each listing must include: tag number, name, breed, sex, date of birth, at least one photo, and a starting bid price.
1.4 Listings are subject to admin approval before going LIVE.
2. Bidding
2.1 Bids are placed in Bell Credits (1 Bell Credit = KSh 1). A registered, KYC-verified Investor account is required to bid.
2.2 A bid is binding on placement. You may not retract a bid once submitted.
2.3 The minimum bid increment is determined by the Platform and displayed on the listing.
2.4 The top 3 bids hold Bell Credits. Bids ranked 4th or below are auto-released within seconds of being outbid.
2.5 You will receive a notification if you are outbid from the top 3.
3. Anti-Snipe Soft Close
3.1 Any bid placed within the final 5 minutes of a listing's end time automatically extends the closing time by 5 minutes.
3.2 This extension repeats as long as bids continue, with no limit on the number of extensions.
4. Reserve Price
4.1 Sellers may set a reserve price. The Platform displays only "Reserve met" or "Reserve not met" — the exact amount is never revealed.
4.2 A listing where the reserve has not been met at close does not result in a binding sale unless the seller accepts a below-reserve offer (seller's discretion).
5. Auction Close and Winner Selection
5.1 After close, the seller has 48 hours to select their preferred buyer from the top 3 bidders.
5.2 If no selection is made within 48 hours, the highest bidder is automatically awarded the lot.
5.3 Once the winner is selected: Bell Credits are permanently debited from the winner; the seller's Cash Earnings are credited with 95% of the hammer price; Bell Credits of the remaining top-3 bidders are released; a Certificate of Ownership is issued.
6. Auction Types
GMA Only: The buyer agrees to hold the animal under a Goat Management Agreement. The Certificate is issued on purchase.
Pay & Carry: The buyer takes physical delivery of the animal. No GMA is issued. The buyer arranges transport.
Both: The buyer selects GMA or Pay & Carry at time of bid. Selection is binding.
7. Delisting
7.1 A seller may delist a listing within 24 hours of it going LIVE, or before the first bid is placed — whichever occurs first.
7.2 After the first bid or 24 hours (whichever is earlier), the listing cannot be delisted until the auction concludes.
8. Default by Winning Bidder
8.1 If Bell Credits are insufficient at settlement (system error), GoatVest will re-offer the lot to the next-highest bidder.
8.2 A buyer who defaults may have their account suspended.
9. Fees
9.1 GoatVest charges 5% commission on the hammer price, deducted from the seller's proceeds.
9.2 VAT of 16% applies to the GoatVest commission amount.
9.3 There are no buyer's premiums. The bid price is the total price paid by the buyer.
10. Disputes
10.1 Any dispute regarding an auction outcome must be raised with GoatVest within 48 hours of the listing close.
10.2 GoatVest's decision on auction disputes is final, subject to the arbitration clause in the Terms and Conditions.
10.3 GoatVest reserves the right to void any auction at any time in the event of suspected fraud, system error, or regulatory requirement.
11. Platform Integrity
GoatVest maintains audit logs of all bids. Any attempt to manipulate bids (shill bidding, coordinated bidding rings, or automated scraping) will result in permanent account ban and may be reported to law enforcement.